17. Graniel Couture has $260,000 of 8% noncumulative, preferred stock outstanding. Graniel Couture also has $80,000 of common stock outstanding. The company paid cash dividends of $56,000 during the year. This dividend should be distributed as follows: a. $20,800 common; $35,200 preferred; b. $56,000 preferred; $0 common. c. $20,800 preferred; $35,200 common. d. $0 preferred; $56,000 common. e. $28,000 preferred; $28,000 common.
17. Graniel Couture has $260,000 of 8% noncumulative, preferred stock outstanding. Graniel Couture also has $80,000 of common stock outstanding. The company paid cash dividends of $56,000 during the year. This dividend should be distributed as follows: a. $20,800 common; $35,200 preferred; b. $56,000 preferred; $0 common. c. $20,800 preferred; $35,200 common. d. $0 preferred; $56,000 common. e. $28,000 preferred; $28,000 common.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:17. Graniel Couture has $260,000 of 8% noncumulative, preferred stock outstanding. Graniel
Couture also has $80,000 of common stock outstanding. The company paid cash
dividends of $56,000 during the year. This dividend should be distributed as follows:
a. $20,800 common; $35,200 preferred;
b. $56,000 preferred; $0 common.
c. $20,800 preferred; $35,200 common.
d. $0 preferred; $56,000 common.
e. $28,000 preferred; $28,000 common.
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